Old Currency of Rs. 500 and Rs. 1000 Void from 09th November 2016

[Akash1886]

Friends,

In a historic/landmark move, the Central Govt has banned the existing Indian currency of Rs. 500 and Rs 1000 w.e.f 09th November 2016. Post 12 AM today the old currency notes will be exchanged only at selected places like Post Offices, Banks, Airline Counters, Govt Hospitals and medical shops and Petrol Pumps & CNG pumps. ATMs won't be working pan India tomorrow and at selected places ATM services will not be available even on 10th November 2016. The existing currency notes can be exchanged for new ones till 30 December 2016. If in case the current currency is not exchanged till 30 December 2016 then on special grounds it can be exchanged with new Indian currency till March 2017.

Lower denomination notes of Indian Currency like Rs. 10,20, 50,100 and all coins are still valid and acceptable. For high value transactions Cheque, DD, NEFT, RTGS are very much acceptable. As per present directive, in 1 day only Rs. 10,000 can be withdrawn and on weekly basis Rs. 20,000 can be withdrawn.

Attaching specimens of new Indian Currency notes for Rs. 500 and Rs. 2000/-



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Please post your queries and exprience of this new move by our Govt. here.

Regards

Akash

*specimens used from Rediff.

 

[mayankdixit]

I am very happy,as should be everyone who pays his taxes.Its a very bold move by our gov. Lots of people will loose sleep today,I can imagine that .

 

[Akash1886]

Lots of people will loose sleep today,I can imagine that.

I agree, however, what about the daily wage earners, labor at construction sites who don't have bank accounts? They would need to take a day off to run from one place to another for exchanging the currency. Moreover, the long waiting lines in coming days at Banks will be an added scare!

Regards

Akash

 

[F4frewin]

It's a great move but to be taken with a pinch of salt. What if someone is travelling and only has 500 and 1000 denominations. How would they eat or travel locally. I understand trains and buses and fuel stations has to accept until 11th. What if someone has to take private buses for non-availability of Governance buses? A real scary scenario but one has to go through this for nations sake nevertheless.

Modi is the only person capable of coming out with such bold and (un?)popular move before such crucial elections coming up.

 

[Akins]

Heard that the 2000 rupees note will be coming in next month. Is it true?

 

[GautamJ]

Great Move by PM MODI ji. Excellent way to abolish black money.
Not sure but, There will be a chip installed in new notes, so they can know the location and various details.

New 500 INR and 2000 INR notes front and back images attached.

 

[TSIVipul]

Although the move is good overall but IMO they should have given at least 1 week time before implementing this action. For people like me who have billing nearly everyday in both cash and e-transactions, this is some sort of grinding halt to everything for a couple of days.

@Mayankdixit:
I am surprised that a doctor is welcoming this move.

 

[Alpha]

Heard that the 2000 rupees note will be coming in next month. Is it true?

Hello Akins

Saw yesterday on a news channel that the new notes (Rs. 500 and Rs. 2000) will be issued from 10th (or 11th, not so sure) of November.

Regards,
Alpha

 

[nmm mithra]

Very good move from the government.

But then how many Rs. 100 currency notes are available for circulation. For example: Before Nov. 8 If we have gone to a shop to buy things then we only have Rs. 500, 85% in our purse and the other 15% as Rs. 100 and Rs. 50 even though many people can deposit their money in banks but then the people with more Rs. 500 currency notes in hand is more than the Rs. 100 which is in circulation.

Even though Rs. 2000 currency notes are in circulation then still i think Rs. 100 and new Rs. 500 will be little bit shortage in circulation. And at that time people will have 85% of Rs. 2000 currency notes and 15% of Rs. 500 Notes only in their purse like of today we only have Rs. 1000 and Rs. 500 notes more than Rs. 100 and Rs. 50.

 

[karthikjr73]

Received on WHATSAPP
Hope this helps

 

[Nairrk]

Indeed, very good move from Government.

But, doubt whether new notes will be available on 10th November in all over India -may be metro cities will get it but remote villages

 

[IndicaDLS2002]

500 and 1000 notes banned: Cash no longer king, realty prices may drop - Times of India

Going forward people will not & should not keep any wealth in the form of currency notes as experts are saying that this kind of currency change will happen every few years now!

 

[F4frewin]

If the government has given time, the whole purpose would have been defeated.

 

[Atulamigo]

Really good move as per you are genuine tax payers. It's matter of from where you can see this change.

In general, it's good move and will block / no use of black money.

Cheers

 

[D.J.D.]

A bold and fantastic step by PM Modi. A great day for honest tax payers like us .